MIRA INFORM REPORT

 

 

Report Date :

15.06.2012

 

IDENTIFICATION DETAILS

 

Name :

AVNET ASIA PTE LTD

 

 

Registered Office :

151 Lorong Chuan #06-03 New Tech Park Singapore 556741

 

 

Country :

Singapore

 

 

Financials (as on) :

30.06.2011sss

 

 

Date of Incorporation :

18.01.1999

 

 

Com. Reg. No.:

199900292c

 

 

Legal Form :

Limited Private Company           

 

 

Line of Business :

General wholesale trade (including general importers and exporters)

 

 

No. of Employees :

Not Available 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Exists

 

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Company Name:

Registered Number:

AVNET ASIA PTE LTD

199900292C

 

Date Incorporated:

Registered Office:

Telephone Number:

18/01/1999

151 LORONG CHUAN #06-03 NEW TECH PARK SINGAPORE 556741

6580 6000

Age of Company:

Website:

Industry Type:

13

www.avnet.com

COMMERCE-WHOLESALE

 

 

 

Risk Dashboard

 

Days Beyond Terms

Trend:

No. of Litigation Counts:

 

Company DTC:

1

 

2

 

Worse off than last month; last month the entity took 9 days to pay

No. of Charges(s):
0

 

Industry DTC

 

25

 

Directors

 

Corporate Structure

Number of Current Directors

3

Holding Company:

AVNET HOLDING B.V.

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

1

 

 

EXECUTIVE SUMMARY

 

Company Name

:

AVNET ASIA PTE LTD

Registration No

:

199900292C

Date of Registration

:

18/01/1999

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

151 LORONG CHUAN #06-03 NEW TECH PARK SINGAPORE 556741

Date of Change of Address

:

01/12/2009

Contact No.

:

6580 6000

Fax No.

:

6580 6200

Website

:

www.avnet.com

Registered Activities

:

1. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

2. OTHER INFORMATION TECHNOLOGY AND COMPUTER SERVICE ACTIVITIES (EG DISASTER RECOVERY SERVICES)

Issued Ordinary Capital*

:

$466,514,786.40 SINGAPORE, DOLLARS, NO. OF SHARE : 5,474,720

$68,000,000.00 U.S. DOLLAR, NO. OF SHARE : 68,000,000

Issued Preference Capital

:

$242,514,000.00 SINGAPORE, DOLLARS NO. OF SHARE : 242,514

Paid-Up Ordinary Capital

:

$68,000,000.00 U.S. DOLLAR

$466,514,786.40 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

$242,514,000.00 SINGAPORE, DOLLARS

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

1

No. of Local Associates

:

NA

Auditor

:

KPMG LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 3,820,262,102.00 (FY2011)

Net Worth

:

SGD - SIN 776,738,123.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

1

S1000 / SME 1000 / FG50 Ranking

:

127 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011)

384 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2010/2011)

134 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

200 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010)

130 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

SHAREHOLDER DETAILS

 

NAME

:

AVNET HOLDING B.V.

SHAREHOLDER ID

:

T06UF0800E

NATIONALITY

:

NETHERLANDS

ADDRESS

:

TAKKEBIJSTERS 2, 4817 BL BREDA NETHERLANDS

NO. OF ORD SHARES

:

5,474,720

68,000,000

242,514

% OF SHAREHOLDING

:

7.4%

92.2%

0.3%

CURRENCY

:

SINGAPORE, DOLLARS

U.S. DOLLAR

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

RAYMOND JOHN SADOWSKI

ADDRESS

:

13120 E. APPALOOSA PLACE SCOTTSDALE AZ 85259 UNITED STATES OF AMERICA

POSITION

:

DIRECTOR

DATE OF APPT

:

01/03/2001

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

207671879

 

NAME

:

DAVID RALPH BIRK

ADDRESS

:

12983 EAST CORRINE DRIVE SCOTTSDALE AZ 85259 UNITED STATES OF AMERICA

POSITION

:

DIRECTOR

DATE OF APPT

:

30/09/2005

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

450641910

 

NAME

:

TAN BOON PIN

ADDRESS

:

50K FABER HEIGHTS #03-72 FABER CREST SINGAPORE 129204

POSITION

:

DIRECTOR

DATE OF APPT

:

18/10/2011

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1605016D

 

NAME

:

TAN BEE SUAN (CHEN MEIZUAN)

ADDRESS

:

761 CHOA CHU KANG NORTH 5 #12-179 SINGAPORE 680761

POSITION

:

SECRETARY

DATE OF APPT

:

27/01/2012

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7124493H

 

NAME

:

PEK LAY PHENG (BAI LIPING)

ADDRESS

:

318D ANCHORVALE LINK #06-229 SINGAPORE 544318

POSITION

:

SECRETARY

DATE OF APPT

:

01/04/2008

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7704449C

 

 

KEY PERSONNEL PROFILE

 

Name:

RAYMOND JOHN SADOWSKI

NRIC Number:

207671879

Available Address:

13120 E. APPALOOSA PLACE SCOTTSDALE AZ 85259 USA

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

AVNET ASIA PTE LTD

DIRECTOR

01/03/2001

-

-

2

AVNET INNOVASIA PTE. LTD.

DIRECTOR

16/04/2007

-

-

3

AVNET JAPAN CO., LTD. SINGAPORE BRANCH

DIRECTOR

01/07/2009

-

-

4

AVNET LOGISTICS PTE. LTD.

DIRECTOR

01/12/2008

-

-

5

AVNET SOLUTIONS PTE. LTD.

DIRECTOR

16/04/2007

-

-

6

AVNET TECHNOLOGY SOLUTIONS (ASEAN) PTE. LTD.

DIRECTOR

16/04/2007

-

-

7

YEL ELECTRONICS PTE LTD

DIRECTOR

31/12/2007

-

-

 

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

AVNET CINERGI PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

18/07/2003

25/01/2006

2

AVNET GTDG SINGAPORE PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

18/07/2003

10/02/2006

3

AVNET PARTNER SOLUTIONS PTE. LTD.

AMALGAMATED

DIRECTOR

16/04/2007

03/07/2010

4

AVNET TECHNOLOGY SOLUTIONS (SINGAPORE) PTE. LTD.

LIVE COMPANY

DIRECTOR

16/04/2007

03/07/2010

5

ELECTRO AIR PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

16/03/2002

29/09/2005

6

MEMEC (ASIA PACIFIC) LIMITED SINGAPORE BRANCH

CEASED REGISTRATION

DIRECTOR

01/12/2005

10/07/2007

 

Bankruptcy Record

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Litigation Search – Writ of Summons

Court

Case No.

Transfer

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

AVNET TECHNOLOGY SOLUTIONS (ASEAN) PTE. LTD.

100

 

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

             

 

LITIGATION

 

there have been 1 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2012

Past Years

Bef 01 Jan 2012

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

0

District ($80,000 - $250,000)

0

0

High (>$250,000)

0

1

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Supreme Court

 

Case No.

:

1574

 

Transfer

:

-

 

Date of Filing

:

02/11/1999

 

Amount

:

0.00

 

Cause

:

Contracts - Employment

 

Case Status

:

CONCLUDED

 

Plaintiff

:

WONG LOKE KIAT

 

Last Update Date

:

03/03/2007

 

 

COMPLIANCE

 

Date of Last AGM

:

30/12/2011

Date of Last AR

:

30/01/2012

Date of A/C Laid At Last AGM

:

01/07/2011
 

 

COMPLIANCE RATING FOR ANNUAL FILING

 

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

 

Note:

 

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

 

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

 

For more information: www.acra.gov.sg/compliance

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

JUN 2011

% Change

JUN 2010

Currency

SGD - SIN

 

SGD - SIN

Profit and Loss Key Figures

 

 

 

Turnover

3,820,262,102

22.73

3,112,612,269

Profit/(Loss) Before Tax

82,857,493

-7.48

89,554,636

Profit After Tax attributable

 to Shareholders

71,304,429

-9.00

78,354,149

 

 

 

 

Balance Sheet Key Figures

 

 

 

Total Assets

1,508,266,027

14.13

1,321,475,917

Current Assets

1,165,657,789

11.00

1,050,101,260

Non Current Assets

342,608,238

26.25

271,374,657

 

 

 

 

Total Liabilities

731,527,905

9.08

670,638,665

Current Liabilities

731,527,905

9.08

670,638,665

Non Current Liabilities

0

NA

0

 

 

 

 

Shareholders' Funds

776,738,123

19.34

650,837,251

Share Capital

653,412,706

5.68

618,322,341

Total Reserves

123,325,417

279.29

32,514,910

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

JUN 2011

JUN 2010

Growth %

 

 

Year-on-Year Growth

22.73

91.65

 

 

 

Profitability

 

 

Profit Margin (%)

1.87

2.52

Return on Equity (%)

9.18

12.04

Return on Assets (%)

4.73

5.93

 

 

 

Leverage

 

 

Total Debt/Equity (Times)

0.94

1.03

Current Debt/Equity (Times)

0.94

1.03

Long Term Debt To Equity (Times)

0.00

0.00

Total Asset To Total Equity (Times)

1.94

2.03

 

 

 

Asset Management

 

 

Total Assets Turnover (Times)

2.53

2.36

Fixed Assets Turnover (Times)

11.15

11.47

 

 

 

Liquidity

 

 

Current Ratio (Times)

1.59

1.57

 

 

 

 

 

FINANCIAL COMMENTARY

 

 

Profitability

The company yielded a rate of net profit on sales of 1.87 per cent in FY11 (FY10: 2.52 per cent). The company is now able to book in SGD - SIN 0.02 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.03 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.59 times in FY11 (FY10: 1.57 times). This means that the company has SGD - SIN 1.59 of current assets for every SGD - SIN of current liability incurred.

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

 

 

 

 

 

Leverage

Total debt-to-equity ratio notched 0.94 times in FY11, compared with 1.03 times in FY10. This means that the company requires additional external financing of SGD - SIN 0.94 for every SGD - SIN injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

 

Efficiency Ratio

 

Return on equity was 9.18 per cent for Subject in the current financial period, as compared to 12.04 per cent a year ago. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 4.73 per cent (FY10: 5.93 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 2.53 times in FY11 (FY10: 2.36 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.79

UK Pound

1

Rs.86.37

Euro

1

Rs.70.07

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.